Monday, March 15, 2010

Can You Afford Solar?

It's Monday, the start of a new week. Over the weekend we got our Electric bill and I was very pleased. For the first time since we have lived in this house, Our bill was under 175.00. We are very pleased with the solar system.
I read an article talking about the affordability of Solar. So I thought today I would share some information with you. Between the incentive credits and grants, we were able to get a system installed at a most reasonable rate.
The United State tax incentive program will credit you 30% of the cost. This credit is given to you through your income taxes. Your credit will carry over to the next tax year until you receive the full credit. Let's say you owe 7,000.00 in income taxes and your solar credit is 14,000.00. If you have paid 7,000.00 in taxes through your monthly deductions, you will get that money back in your tax refund. The remaining 7,000.00 will be credited on your next years taxes. Now you can do several things here, Increase your deductions so you will not pay in much for the next year taxes. Or you can continue paying taxes in as usual and receive the money back at the tax time. We opt to increase the dependent number that way we have the money to pay for the solar. But remember you need to pay in some in order to get some back and not get hit with fees. It is goof to check with your tax person on how to manage this credit.
Many States have solar grants. Grant work differently, this money is sent to you or your bank account. Each state is different, so check with yours. Maryland has a good one, we will be getting a pretty good sum. There is a link to Maryland's grant program on my lower right sidebar.
Some counties have property tax credit, Ours do, so we will get a credit on our property tax and will not have to pay property tax for over a year.
Lastly there are Renewable Energy Credits known as RECs. These are sold on the market to the highest bidder yearly. The earnings are sent to you by whatever company you choose to manage it. These RECs are based on the solar system size you get. Also you need to shop around to get a good company that pays well.
By the time you add all the grants and credits up, the cost is affordable and less than buying a new car.
The amount you start saving on your electric bill is instant. We have had ours Solar system for almost four months now. We have had Two blizzards, arctic temps and the coldest winter on record and our Electric bill has been lower than any other winter on our records.
Is solar affordable... If you can buy a new car with a loan, or with cash then yes it is. Not only will you save on the amount of CO2 that car puts out, you will also save the hard earned money in your pocket.
I will tell you I was a skeptic at first, However I am getting more Excited about the summer months when the sun is up longer and we will save even more money. My family wants to go to England and Ireland. We might just be able to do that now. One more thing, we have our Solar feeding back into the grid, that means when we are on vacation we will be making money at home! Now I like that.
The company we used was 21st Century Power Solution. Jack Copus is very good at explaining the systems. Give him a Call and tell him Auntie E and Steve sent you. Their workers were great, all trained by the company and all licensed to do the work needed. We went with SunPower for our panels of choice and really enjoy their online services. We can check on solar from anywhere via computer and they Monitor the system to make sure it is running well.

The Photo Icon is of my Home and it's solar panels. I think they look good and are pleasing to the eye. Most folks do not even notice them. You can read more about the solar project in the side bar, under the archives is a solar project link.

disclaimer: We have no received any compensation at this time form 21st Century Power Solution or Sun Power Corp.

1 comment:

  1. We were all excited to get solar....until we found out that golf ball damage would not be covered (we live at the end of a fairway and get hit A LOT). Sad, we would have done it.